Sensex, Nifty snap four sessions of losing streak; RIL, Tata Steel, Bajaj Finance boost sentiment 

Stock market today: The stock market snapped four sessions of losing streak on Friday with metal stocks leading the gains. However, on a weekly basis, market ended in the red. Sensex rose 363 points to 76,515 and Nifty gained 24 pts to 23897 to end in the green in the current session.

On a weekly basis, Sensex fell 0.47% or 362 pts in the previous four sessions. Nifty too slipped 0.61% or 147 pts this week.

Top gainers 

Stocks such as Tata Steel, Reliance Industries, Bajaj Finance, Trent, Adani Ports, HDFC Bank and Kotak Bank were the top Sensex gainers today, rising up to 2.91%.

Bharti Airtel and HCL Technologies were the top Sensex losers, falling up to 1.24%.

Crude oil prices were stable at $95 per barrel amid reports of US-Iran attacks.

Global markets

Metal shares were the top gainers with the BSE metal index rising 593 pts to 42,293.

Meanwhile, recovery in the domestic market came after global equities gained and emerging-market currencies strengthened against the greenback as fears about a rate hike in the US receded.

On Thursday,  Wall Street rallied after US Federal Reserve Governor Christopher Waller said he would support holding the Fed funds target rate steady if data shows inflationary pressure is decreasing. The market also rallied after Asian stocks ended higher.

Nikkei zoomed 842 pts to 65,057. Hang Seng also rose 442 pts to 25,656. Kospi rose 107 pts to 6687.

Overnight, US market closed in the green. NASDAQ surged 366 pts to 26,584 and S&P 500 added 81 pts to 7747. Dow Jones index too surged 624 pts to 53,686.

Expert take 

Amol Athawale, VP Technical Research, Kotak Securities said, "During the week, the market breached the crucial support zone of 24,000/76800. However, it showed a promising recovery from the level of 23,800/76100. Technically, the short-term market trend still appears weak, but if the market manages to trade above the 24,000/76800 mark, a pullback formation is likely to continue in the near future. Above 24,000/76800, the market could sustain positive momentum up to the 50 and 20 day SMA (Simple Moving Average), or around 24,200/77400. Further upside could push the index to 24,350/77800. On the other hand, below 23,800/76100, selling pressure is likely to accelerate. If the market falls below this level, it could retest the 23,600-23,500/75500-75200 zone."

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said, "Going forward, the 23750–23700 zone, which coincides with the 61.8% Fibonacci retracement level, is expected to act as a crucial support area. A decisive breach below 23700 could trigger further weakness towards 23600–23570 levels. On the upside, 24050–24080 will act as an immediate hurdle, while a sustained move above 24080 could trigger a pullback towards 24200 levels.

Bank Nifty View

Going forward, the 56900–56800 zone is expected to serve as a crucial support area. A sustained hold above this region could maintain the ongoing consolidation phase. On the upside, the 57800–57900 zone is likely to act as an immediate resistance area. A decisive breakout above this zone or a breakdown below 56800 could mark the end of the current consolidation phase and trigger a meaningful directional move.

Previous session 

Benchmark indices Sensex and Nifty closed lower on Thursday. Sensex fell 417 pts to 76,152. NSE Nifty 50 settled at 23,873.45, down 41 points or 0.17 per cent.